DISCOVERY LIMITED - Dealings in securities by directors

Dealings in securities by directors

DISCOVERY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1999/007789/06)
ISIN: ZAE000022331
Share Code: DSY
("Discovery”)

DEALINGS IN SECURITIES BY DIRECTORS

Shareholders are referred to the announcement released on SENS
on 30 December 2009 regarding zero-cost collar hedging
transactions that were entered into by Adrian Gore and Barry
Swartzberg   on  29   December  2009   (“the  collar”)   ,  an
announcement released on 2 March 2012 advising of certain
changes to the terms of the collar agreement and a further
announcement released on 19 June 2013 advising that Mr Gore
had entered into an agreement to purchase tranches three, four
and five of the call options from Investec Bank Limited.

The fourth tranche of the call options within the zero-cost
collar are now due and have been settled as follows:


Since the current share price exceeds the option strike price
on the call options, shareholders are advised that Mr
Swartzberg has concluded transactions in relation to the
851,998 options sold by him and the corresponding Discovery
shares held. This has resulted in the disposal of the affected
shares and Mr Swartzberg receiving the amount of the strike
price under the options. The obligations under the options
have terminated.

Director                        Barry Swartzberg
Company                         Discovery Limited
Date of transaction             02 September 2013
Nature of the transaction       Sale of ordinary shares and
                                termination of the collar
Class of shares                 Options over Discovery shares
Number of shares sold           851,998
Price                           R48.51
Value of transaction            R41,330,422.98
Nature of interest              Indirect beneficial
On market/off market            Off market
Clearance obtained              Yes


Mr Gore entered into an agreement to purchase tranche four of
the call options sold to him from Investec Bank Limited.
As a result thereof the applicable Discovery shares will not
be sold and there is no change in the beneficial ownership in
respect of Mr Gore’s shareholding. The obligations under the
options have terminated.

Director                       Adrian Gore
Company                        Discovery Limited
Date of transaction            30 August 2013
Nature of the transaction      Purchase of options with a
                               strike price of R48.35 and
                               termination of the collar
Class of shares                Options over Discovery shares
Number of options purchased    2,424,918
Price                          R44.50
Value of transaction           R107,897,938.87
Nature of interest             Indirect beneficial
On market/off market           Off market
Clearance obtained             Yes

Dispensation has been granted by the JSE Limited for Mr
Swartzberg and Mr Gore to trade during Discovery’s closed
period as settlement is being effected in terms of agreements
entered into prior to the commencement of the closed period
and no discretion is required on the part of Mr Swartzberg or
Mr Gore.

Sandton
03 September 2013

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 03/09/2013 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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